ABC Corporation is experiencing difficulty in paying its bills and is considering filing for bankruptcy. Current data show: Book Value 4,000 40,000 36,000 50,000 1,000 10,000 70,000 20,000 45,000 16,000 P292,000 P 77,000 0911 Secured by: Bank Loan Reminder from the $25,000andbook: Code of 70% of receivables Wages Payable Cheating during exam12,000, quizzes or plagiarism in connection Taxes Payable with any academic wo 8,000ting of the same: 1st violation- Truck Loan warning with invalidat 5,000rade; Truck with P12,000 BV & P2,500 ERV Mortgage Payablespension with inva43,000 f grade; 3rd violatiLand and Building Loan Payable to dismissal/ non-rea50,000 with invalidation of Finished Goods Shareholder Loan Not subordinated to other debt Assets Building Trucks Cash Accounts Receivable Inventory - Materials Inventory - Finished Goods Prepaid Expenses Land Equipment Intangibles Total Assets Liabilities Accounts Payable INTI SAPIE UNIVERSI Est. Realizable Value P 4,000 20,000 0 42,000 60,000 6,000 0 EDIFICA 110,000 (38,000) Shareholders' Equity Total Liabilities and Equity P292,000 Compute for the amount to be paid to unsecured creditors (partial and without priority)

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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ABC Corporation is experiencing difficulty in paying its bills and is considering filing for bankruptcy.
Current data show:
Book
Value
4,000
40,000
36,000
50,000
1,000
10,000
70,000
20,000
45,000
16,000
P292,000
P 77,000
0911
Secured by:
Bank Loan Reminder from the $25,000andbook: Code of 70% of receivables
Wages Payable Cheating during exam12,000, quizzes or plagiarism in connection
Taxes Payable with any academic wo 8,000ting of the same: 1st violation-
Truck Loan
warning with invalidat 5,000rade; Truck with P12,000 BV & P2,500 ERV
Mortgage Payablespension with inva43,000 f grade; 3rd violatiLand and Building
Loan Payable to dismissal/ non-rea50,000 with invalidation of Finished Goods
Shareholder Loan
Not subordinated to other debt
Assets
Building
Trucks
Cash
Accounts Receivable
Inventory - Materials
Inventory - Finished Goods
Prepaid Expenses
Land
Equipment
Intangibles
Total Assets
Liabilities
Accounts Payable
INTI
SAPIE
UNIVERSI
Est. Realizable
Value
P 4,000
20,000
0
42,000
60,000
6,000
0
EDIFICA
110,000
(38,000)
Shareholders' Equity
Total Liabilities and Equity
P292,000
Compute for the amount to be paid to unsecured creditors (partial and without priority)
Transcribed Image Text:ABC Corporation is experiencing difficulty in paying its bills and is considering filing for bankruptcy. Current data show: Book Value 4,000 40,000 36,000 50,000 1,000 10,000 70,000 20,000 45,000 16,000 P292,000 P 77,000 0911 Secured by: Bank Loan Reminder from the $25,000andbook: Code of 70% of receivables Wages Payable Cheating during exam12,000, quizzes or plagiarism in connection Taxes Payable with any academic wo 8,000ting of the same: 1st violation- Truck Loan warning with invalidat 5,000rade; Truck with P12,000 BV & P2,500 ERV Mortgage Payablespension with inva43,000 f grade; 3rd violatiLand and Building Loan Payable to dismissal/ non-rea50,000 with invalidation of Finished Goods Shareholder Loan Not subordinated to other debt Assets Building Trucks Cash Accounts Receivable Inventory - Materials Inventory - Finished Goods Prepaid Expenses Land Equipment Intangibles Total Assets Liabilities Accounts Payable INTI SAPIE UNIVERSI Est. Realizable Value P 4,000 20,000 0 42,000 60,000 6,000 0 EDIFICA 110,000 (38,000) Shareholders' Equity Total Liabilities and Equity P292,000 Compute for the amount to be paid to unsecured creditors (partial and without priority)
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